Continued Push for More Investments in the Local Agriculture Sector

Agriculture Secretary William Dar recently spoke before the members of the American Chamber of Commerce of the Philippines (AmCham) pushing them to consider investing in the Philippines’ agriculture sector. During the meeting, Dar noted how the local agriculture sector is “ready for big leagues entrepreneurship.”

“Our creativity led us to the transformations of Philippine agriculture we are quite proud of now, and we hope to kindle vibrant entrepreneurship through it. We want you there with us at this new turn,” he added. Furthering that it is “best to invest in Philippine agriculture,” primarily because of the sector’s “young, dynamic and tech-savvy skilled” human resources, the country’s “abundant” natural resources, and the growing middle class.

The Duterte administration has likewise implemented key economic policies and reforms that reinforce the country’s agriculture sector such as the Corporate Recovery and Tax Incentives for Enterprises Act. “The national government has finally recognized that the country must play to its strengths by supporting its agriculture sector,” explained Dar. “There is a suite of deductions and other incentives, such as duty exemptions and VAT exemptions on importation, to ease the load off the costs of entrepreneurship.”

Investment incentives are also available for agricultural activities as part of the Strategic Investment Priority Plan (SIPP) of the Department of Trade and Industry. “Our investors, then, can expect a friendly policy environment incentivizing agri-entrepreneurship,” said Dar who also enumerated various areas for investment including the commodity industries, sustainable water technologies, drone technologies, and smart farms, greenhouse technologies, biosecurity measures, as well as aquaculture and fish farming technologies.

“To complement our Reform Agenda and transformative goals, we need financing heft in technology, research, and science-backed farming methods,” he affirmed. Finally, the Department of Agriculture’s agro-industrial business corridors (ABCs) project was also presented which aims to “link up even the remote production or farm areas with postharvest and processing centers where new agribusinesses could be incubated.”

“Such infrastructure will be the emblems of true agricultural industrialization. Succeeding that will erase doubts about the Philippines’ status as an agro-industrialized economy,” Dar remarked.

Source: BusinessMirror